Question
Solving for r of an annuity) You lend a friend $ 45,000, which your friend will repay in 10 equal annual end-of-year payments of $
Solving for r of an annuity) You lend a friend $ 45,000, which your friend will repay in 10 equal annual end-of-year payments of $ 8,000, with the first payment to be received 1 year from now. What rate of return does your loan receive?
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Finance For Nonfinancial Managers
Authors: Gene Siciliano
2nd Edition
0071824367, 978-0071824361
